Ian McKendry

Ian McKendry is the Congress reporter for American Banker. He previously covered the Federal Deposit Insurance Corp., anti-money laundering and cybersecurity. Before joining American Banker he was an economic reporter for Market News International.

Rep. Emanuel Cleaver, D-Mo., sent a letter to two virtual currency trade associations on Thursday asking them what their members are doing to prevent hate groups from using cryptocurrencies to finance themselves.

The heads of the Securities and Exchange and Commodity Futures Trading commissions said they are not ignoring the fast-growing cryptocurrency sector and they have some oversight powers. But they indicated that they might need more.

Equifax observed an increasingly well-worn ritual of scandal-ridden firms by jettisoning CEO Richard Smith: apologize, promise to do better in the future, and sacrifice your top executive in the hopes it will ward off action by Congress and regulators.